The Editor, Sir:

For many years, Jamaica has toyed with the idea of becoming an international financial centre like The Cayman Islands or Bermuda. We have watched our neighbours prosper from the international financial services industry while our economic growth languished. Now is the time for the idea to get further than the concept stage.

The Jamaica Labour Party government, led by Bruce Golding, announced in its election campaign manifesto the intention for Jamaica to enter the international financial services industry, and on winning the election appointed Minister Don Wehby to spearhead this effort.

Making a case

We have followed with keen interest the progress made by Minister Wehby and his team, as we also believe that the industry offers, not a panacea to Jamaica's economic woes, but a new industry to strengthen Jamaica's economy and leverage the entrepreneurship and financial skills of Jamaicans.

The recent economic developments across the entire world have many people arguing that the international financial services industry will be negatively affected twice over - first by the decline in financial markets, and second, by developed countries providing incentives to 'bring home' capital held offshore.

Minister Wehby, writing in your Sunday Gleaner of March 8, makes the case for continued development of the Jamaican international financial services industry, which will be positioned for growth as the world recovers from its recession.

Opportunity now

We strongly support Minister Wehby's views. If we wait for the world to recover, we will be once again 'buying at the top'. The opportunity now is to create the industry and encourage investors in Jamaica to find value in market niches ignored by other countries.

We have the professional talent, we have the geographical position, we have unique resources in sports and music, and we have a minister and government committed to making the Jamaican industry a model for the world. We may not have the perfect financial environment today, but that will return as the world recovers.

I am, etc.,

MICHELE ROLLINS

Chairman

Rose Hall Developments Limited